Nigeria’s food inflation has risen further to 23.34 percent in September from the 23.12 percent recorded in August, according to the latest data published by the National Bureau of Statistics (NBS) on Friday in Abuja.
The agency reported an increase in the price of some selected food items, which stoked the food inflation. The report said that the average price of 1kg of Tomato on a year-on-year basis, increased by 30.06 per cent, from N342.25 recorded in September 2021 to N445.12 in September 2022.
“While on a month-on-month basis, 1kg of tomato increased to N445.12 in September 2022 from N430.93 recorded in August 2022, indicating a 3.29 percent increase,” it said.
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The report showed that the average price of 1kg of rice (local, sold loose) increased on a year-on-year basis by 14.98 per cent from N410.01 recorded in September 2021 to N471.42 in September 2022.
It said on a month-on-month basis, the average price of this item increased by 3.82 per cent in September 2022.
The average price of 1kg of beans (brown, sold loose) increased on a year-on-year basis by 13.14 per cent from N492.13 recorded in September 2021 to N556.81 in September 2022.
Also, the report showed that on a month-on-month basis, 1kg of beans (brown. sold loose) increased by 2.05 per cent from N545.61 in August 2022.
It said the average price of 1kg of beef (boneless) increased by 24.39 per cent on a year-on-year basis from N1,768.14 recorded in September 2021 to N2,199.37 in September 2022.
Also, the report showed that the average price of Palm oil (1 bottle) increased by 30.70 per cent from N709.50 in September 2021 to N927.34 in September 2022. It also grew by 3.42 per cent on a month-on-month basis, the NBS said.
Per the report, the average price of Vegetable oil (1 bottle) stood at N1, 075.89 in September 2022, showing an increase of 32.35 per cent from N812.94 recorded in September 2021. It said on a month-on-month basis; it rose by 2.52 per cent from N1049.49 in August 2022.
Comparing states across the country, the NBS noted varying prices for same food items, with some states having nearly double the price of others.
At the state level, the highest average price of rice (local, sold loose) was recorded in Rivers at N621.61, while the lowest price was recorded in Jigawa at N371.
The report said that Ebonyi recorded the highest average price of beans (brown, sold loose) at N857.02, while the lowest price was reported in Benue at N368.21.
It said Abia recorded the highest price of Vegetable oil (1 bottle) at N1,464.44, while Benue recorded the lowest price at N643.64.
The report’s analysis by zone showed that the average price of 1kg of tomato was higher in the South-South and South-East at N711.32 and N643.25, respectively, while the lowest price was recorded in the North-East at N209.22.
“South-South recorded the highest average price of 1kg of rice (local, sold loose) at N519.22, followed by the South-West with N514.37, while the lowest price of was recorded in the North-West at N417.00,” the report said.
Also, the report showed that the South-East recorded the highest average price of Beans (brown, sold loose) at N789.74, followed by the South-South at N673.16, while the North-East recorded the least price at N397.04.
The latest food inflation rate doesn’t come as a surprise due to many factors headed by the forex crisis. As on Saturday, the naira has fallen to N780 to dollar in the parallel market. Besides this, the cost of transportation, which has been on the rise since the pandemic, has resulted in an increase in the prices of food products. Other factors impacting the cost of food across the country are insecurity and insufficient food production.
Unfortunately, the current flood problems which have ravaged farmlands across Nigeria, are expected to further stoke the inflation in coming months.